Companion bills are moving through the House and Senate that would impact non-profits across the state.
SB 351 and HB 2716 would increase the level at which nonprofit institutions would be required to undertake a professional audit or financial review. Currently, organizations that raise more than $200,000 in contributions (outside of grants from agencies and private foundations) have to provide an annual audit to the Secretary of State and organizations that raise between $200,00 – $500,000 per year in contributions have to submit a financial review statement to the Secretary of State.
The proposed laws would increase that threshold limit to $500,000 in contributions to trigger an audit requirement and a range of $200,000 – $500,000 in contributions to trigger a financial review statement requirement.
The senate bill passed by a vote of 34 to 0 on Wednesday February 25th. The house rule passed House Finance Committee on Wednesday February 25th and will be moving to the floor for a final vote later this week. If you would like more information on this bill, and information on how you could help, contact the WV Nonprofit Association, www.wvnpa.org.